Fountain Powerboat posts record operating profit for the second quarter and first half fiscal 1997.WASHINGTON, N.C.--(BUSINESS WIRE)--Feb. 4, 1997--Mr. R.M. Fountain fountain, natural or artificially conveyed flow of water. In ancient Greece columnar shrines were built over springs and dedicated to deities or nymphs. In ancient Rome fountains fed by the great aqueduct system furnished water in the streets, in the villa gardens, , Jr., Chairman and Chief Executive Officer of Fountain Powerboat Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FPWR FPWR Fire Precautions (Workplace) Regulations 1997 (UK) ) announced that the Company had posted record operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the second quarter and the first half of 1997. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased by 365% for the quarter and by 328% for the first half over last year. Last year's net profit for the second quarter and the first half included an $800,000 non-recurring gain for the early repayment of a debt to a major vendor. This non-recurring gain last year amounted to $.27 per share. For the second quarter ended Dec. 31, 1996, sales were $12,505,545 and net income was $1,012,250 or $.30 per share. The prior year's second quarter net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $9,287,467 and the net profit, including the $800,000 non-recurring gain, was $1,157,641 or $.38 per share. For the first half ended Dec. 31, 1996, sales were $24,825,918 and net income was $2,347,639 or $.72 per share. The prior year's first half net sales were $18,286,991 and the net profit, including the $800,000 non-recurring gain, was $1,588,970 or $.53 per share. Mr. Fountain said that the increased operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the second quarter and the first half of this fiscal year were primarily because net sales and gross margin on sales were significantly greater than they were for last year. He said he was particularly pleased with the large increase in operating earnings because the Company had incurred relatively heavy research and development expenses for its revolutionary new surface drive system in the second quarter. Also, the second quarter was penalized pe·nal·ize tr.v. pe·nal·ized, pe·nal·iz·ing, pe·nal·iz·es 1. To subject to a penalty, especially for infringement of a law or official regulation. See Synonyms at punish. 2. with the costs of moving the Company's newly acquired subsidiary, Mach Performance, Inc. from Florida to North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , with the start-up Start-up The earliest stage of a new business venture. expenses of its new propulsion systems Noun 1. propulsion system - a system that provides a propelling or driving force system - instrumentality that combines interrelated interacting artifacts designed to work as a coherent entity; "he bought a new stereo system"; "the system consists of a motor and a company, Fountain Power, Inc., and with a hefty heft·y adj. heft·i·er, heft·i·est 1. Of considerable weight; heavy. 2. Rugged and powerful. See Synonyms at heavy. 3. provision for income taxes. Despite these extra expenses the Company was able to post record operating earnings for the second quarter and the first half. The Company has been adding to its production capacity in the face of unprecedented demand for its products. Early next fiscal year, the Company will introduce two new state-of-the-art Super Cruisers This is a so far incomplete list of cruisers 1860-present. It includes protected, light, armoured, battle-, heavy and missile cruisers. Dates are launching dates. Argentina
Following are comparative Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statements of Income and Condensed Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . -0-
FOUNTAIN POWERBOAT INDUSTRIES INC.
Condensed Consolidated Statements of Income
Three Months Ended Six Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Net sales $12,505,545 $ 9,287,467 $24,825,918 $18,286,991
Cost of sales 9,126,971 7,303,494 18,200,230 14,657,114
Gross margin $ 3,378,574 $ 1,983,973 $ 6,625,688 $ 3,629,877
27.02% 21.36% 26.69% 19.85%
Operating
expenses 1,876,413 1,572,199 3,610,269 2,710,183
Operating income $ 1,502,161 $ 411,774 $ 3,015,419 $ 919,694
Other expense/
(income) 124,700 54,133 197,889 130,724
Non-recurring gain 0 (800,000) 0 (800,000)
Net income before
income taxes $1,377,461 $1,157,641 $ 2,817,530 $ 1,588,970
Income tax
provision 365,211 0 469,891 0
Net income $1,012,250 $1,157,641 $ 2,347,639 $ 1,588,970
Primary net income
per share $ .30 $ .38 $ .72 $ .53
Primary weighted
average shares
outstanding 3,332,344 3,019,072 3,265,625 3,019,072
Fully diluted net
income per share $ .30 $ .38 $ .71 $ .53
Fully diluted weighted
average shares
outstanding 3,373,805 3,019,072 3,289,525 3,019,072
Condensed Consolidated Balance Sheets
(Unaudited)
Dec. 31,
1996 1995
Assets
Cash $ 3,160,468 $ 427,326
Accounts receivable 2,096,708 1,781,682
Inventories 5,520,901 3,579,889
Prepaid expenses 333,243 203,613
Other current assets 0 183,393
Total current assets $11,111,320 6,175,903
Property, plant and
equipment $22,725,688 19,873,527
Accumulated
depreciation (11,557,083) (10,009,717)
Other non-current
assets 611,001 161,948
Total non-current
assets $11,779,606 $10,025,758
Total assets $22,890,926 $16,201,661
Liabilities and Shareholders' Equity
Trade accounts
payable $ 1,474,586 $ 1,627,247
Revolving line of credit -
engines 2,875 1,070,486
Accrued expenses 2,034,878 1,083,056
Current portion of long
term debt 462,834 723,178
Reserve for warranty
expense 410,000 400,000
Reserve for boat
repurchases 207,359 207,359
Customer deposits 81,666 275,691
Other current
liabilities 446,015 197,541
Total current
liabilities $ 5,120,213 5,584,558
Long term debt $ 7,414,880 5,823,723
Total liabilities $12,535,093 11,408,281
Shareholders' equity:
Common stock outstanding,
$.01 per share par value $ 31,291 $ 30,291
Treasury stock at cost
(10,000 shares) (110,748) (110,748)
Capital contributed in excess
of par value 10,420,200 9,297,450
Retained earnings/
(deficit) 15,090 (4,423,613)
Net shareholders'
equity $10,355,833 4,793,380
Total liabilities and
shareholders' equity $22,890,926 16,201,661
CONTACT: Fountain Powerboat Industries Inc., Washington, N.C. Carol J. Price, 919/975-2000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion